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In a big industry the numbers of factors influencing a decision have increased situation has become big and complex because these factors interact with each other in complicated fashion. There is thus great uncertainty about the outcome of interaction of factors like technological environmental competitive etc. For instance consider a factory production schedule which has to take into account.
a. Customer demand.
b. Requirements of raw materials.
c. Equipment capacity and possibility of equipment failure and
d. Restrictions on manufacturing process
how the sequencing techniques help the manager
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Maximize Z =3x+4x subject to x1+x2 =3 2x1+3x2 =4 x1,x2 =0
CONCEPT AND NEED FOR INFORMATION: We shall look at the meaning, of information as also the meaning of other related words such as data, facts, intelligence, advice, knowledge
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These models deal with the selection of an optimal course of action given the possible pay offs and their associated probability of occurrence. These models are broadly
Question: (a) (i) Explain what do you understand by ‘Dynamic Programming'. (ii) Describe the dynamic programming approach to solve the shortest route problem. (iii) Outli
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wha
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